Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2017

Property Tax Annotations

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Annotation 625.0122

625.0122 Life Estate. The transfer of fee title with a life estate reserved in the transferor is not a change in ownership because it is not the transfer of a present interest in the property. Thus, even though the remainder vests at the time of the transfer, no statutory exclusion from change in ownership is applicable until the remainder becomes possessory.

Where the remainder vests in the transferor's child and spouse, the child and spouse subsequently divorce, and the child transfers his interest to the former spouse, the former spouse may not claim the parent/child exclusion when the remainder becomes possessory because the divorce occurred prior to the remainder becoming a present interest. The person claiming the parent/child exclusion must be a son- or daughter-in-law as of the date of change in ownership. C 8/29/1995.